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PRESS DIGEST - British Business - Feb 22
February 22, 2013 / 1:56 AM / in 5 years

PRESS DIGEST - British Business - Feb 22

Feb 22 (Reuters) - The Telegraph

QE MAY NEED TO BE RAISED BY 175 BLN STG, SAYS BoE‘S DAVID MILES

The Bank of England has a case for restarting its asset purchase programme, and may need to increase it by up to 175 billion pounds if the economy is running substantially below capacity, a senior policymaker has said.

BORROWING TARGET STILL IN DOUBT DESPITE BOOST

George Osborne’s pledge to reduce borrowing this year looks to have been sunk, economists said, despite official figures that showed the government raised 11.4 billion pounds to pay down debt in January.

NAT ROTHSCHILD LOSES BUMI BATTLE

Nat Rothschild has lost his high-stakes power struggle to clear out the board of beleaguered coal miner Bumi Plc .

BIG FOUR SLAMMED FOR ACTING AGAINST THE INTERESTS OF SHAREHOLDERS

The ‘Big Four’ audit firms will on Friday be accused of a serious breach in alignment with shareholder interests as the Competition Commission reveals the findings of its landmark investigation into their dominance.

FRANCE FREEZES SPENDING TO HIT EU TARGETS AS SLUMP DEEPENS

France is to freeze spending on defence, higher education and research in a frantic bid to meet European Union deficit targets this year, tightening fiscal policy yet further as the country slides into deep slump.

SHARD BUILDER LANDS DEAL TO HELP CONSTRUCT WORLD‘S TALLEST TOWER

Mace, the company behind London skyscraper The Shard, is setting its sights even higher with a contract to project manage the 780 million construction of the world’s tallest building.

BAE SHRUGS OFF REVENUE FALL WITH 1 BLN STG SHARE BUYBACK

BAE Systems shrugged off a fall in revenue amid shrinking defence budgets and heightened uncertainty in the US to reveal a 1 billion pound share buyback and a growing international business.

BANKS SHOULD FACE ‘MUCH BIGGER FINES’, SAY MPs

Banks should be forced to pay much bigger fines if they “fail” to co-operate with investigations into their misbehaviour, according to the Treasury Select Committee.

ASDA SALES SLOW IN FINAL QUARTER OF YEAR

Asda, the UK’s second largest supermarket group, has warned that sales slowed in the final quarter of 2012 as the “challenged” economy weighed on consumer spending.

The Guardian

OSBORNE PERFORMS U-TURN AS BORROWING FORECAST FAILS

George Osborne will be forced into an embarrassing climbdown over next month’s budget by having to admit that borrowing this year will go up, not down, according to his own independent tax and spending watchdog.

MERCEDES-BENZ AND VEHICLE DEALERS FINED FOR MARKET RIGGING

Mercedes-Benz and three commercial vehicle dealers are to pay fines totalling 2.6 million pounds following an inquiry into market rigging.

LEGO BUILDS HIGHER PROFITS AS SALES OF NEW PRODUCTS SOAR

Lego continues to defy the downturn, reporting profits and sales up 25 percent after the successful launch of new products including its Lego City, Star Wars sets and Lego Friends.

The Times

FUEL PRICES SET TO REACH RECORD LEVELS BY EASTER

Motorists face unprecedented financial pain as petrol prices are driven to their highest-ever levels by market speculation and the sliding pound.

NAT ROTHSCHILD VOWS TO FIGHT ON AFTER COUP ATTEMPT IS CRUSHED

Nat Rothschild suffered a heavy defeat in his battle to wrest control of his London mining company from its Indonesian shareholders yesterday.

KINGFISHER HAMMERED BY HARSH WINTER

Miserable weather and a weaker euro dealt Kingfisher a winter to forget. The owner of B&Q suffered a 3.4 percent decline in like-for-like sales, with Britain down 5.8 per cent. Overall sales were down 1 per cent.

The Independent

EASYJET BOARD FENDS OFF NEW ATTACK BY STELIOS

Directors at easyJet have survived the latest onslaught from the budget airline’s founder Sir Stelios Haji-Ioannou.

PREMIER FOODS’ NEW BOSS LOSES APPETITE FOR SELL-OFFS

The new boss at Oxo-to-Bisto maker Premier Foods has signalled an end to the raft of sell-offs seen in recent years as the debt-laden company struggled to get back on to its feet.

L&G GLITCH HITS 12,000 PENSION PAYOUTS

Some 12,000 pensioners were left without annuity payouts after a blunder by insurance giant Legal & General.

ITV PLAN TO CUT REGIONAL NEWS GETS GO-AHEAD

The media regulator Ofcom is backing a plan by ITV to slash its regional news output in exchange for offering more localised bulletins across England.

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